CMA CGM investing in Xiamen port

CMA CGM investing in Xiamen port

CMA CGM said it will invest in the construction and the management of a deepwater container terminal in the port of Xiamen with partners New World Services Holding Ltd. and Xiamen Haicang Investment General Co.

   The French carrier said the venture, in which it will hold a 30 percent stake, has been approved by the China’s National Development and Reform Commission and Ministry of Commerce. The three partners will equip and operate a two-berth terminal over a 50-year period.

   The port of Xiamen handled 4.5 million TEUs, making it the 22nd-largest container port, CMA CGM said.

   “This new project reinforces the group’s already strong presence in China and confirms its participation in developing transport infrastructure in the country,” said Farid Salem, CMA CGM Group chief executive vice president.

   Other CMA CGM projects in China include:

   ' An 8 percent share in China Rail Intermodal, a project to design, build and manage a network of 18 railway container stations throughout the country. Most of those terminals are under construction, and the first eight will be operating by the end of 2009.

   ' Investment in a three-berth terminal in the port of Tianjin, due to be operational in 2011, via a 50-year concession agreement signed in August 2008.